Nigeria, Africa’s largest economy, has reduced its headline interest rate by 50 basis point to 13.50%. For more than years, Africa’s largest economy maintained its headline interest rate at 14% after it witnessed its worst recession in over 20 years in 2016. The latest easing in interest rate was attributed […]
Latest data from the official data office of Nigeria said consumer price index or inflation in Africa’s largest economy dropped to 11.37% in the month of January. The Abuja-based National Bureau of Statistics said in its summary note that the further drop in January is 0.07 percent points lower than […]
Africa’s largest economy seems to be leaving its sluggish growth era for a stronger territory. Data from the National Bureau of Statistics, NBS, said the Nigerian economy which largely depends on oil revenue for its forex reserve grew by 2.38% in real terms (year on-year). This represents an increase of […]
London-based Petrofac Plc, said a former employee of its subsidiary yesterday admitted bribery under the UK Bribery Act 2010. The company said in a statement that that no charges have been brought against any Group company or any other officers or employees. Although not charged, a number of Petrofac individuals […]
The Economic and Financial Crimes Commission, the EFCC, said it has ecured a court order for the arrest of a former Director General of the National Intelligence Agency, Ambassador Ayodele Oke and his wife, Folasade. Justice Chukwujeku Aneke issued the order consequent upon an oral application by the EFCC counsel, […]
Nigeria’s President Muhammadu Buhari has just assented to the Federal Competition and Consumer Protection Bill, thereby making it the Federal Competition and Consumer Protection Act 2019. The country’s consumer protection agency, CPC said in a statement that “by this, Nigeria has promulgated perhaps the most prolific legislation for promoting consumer […]
Lagos, Nigeria’s commercial capital is proposing to spend $2.3 billion for the year 2019. This is about N852.13 billion real-time forex rate. Lagos is West Africa’s largest economy and Africa’s 5th largest economy by gross domestic product. At the belated budget presentation, the outgoing state governor, Akinwunmi Ambode said the […]
Nigeria’s federal government has just approved an increment in the national minimum wage to N30,000 approximately USD98 based on the current exchange rate. The new minimum wage was agreed at after series of negotiations and threats of strike actions by the labour union. The latest development is also very significant […]
The Egmont Group has confirmed the lifting of the suspension of Nigeria from the group’s membership. Egmont Group is a body of the sovereign financial intelligence units in 155 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat […]
The Nigerian Central Bank said it will revoke the licenses of microfinance banks and finance companies for various reasons. The apex bank said in a detailed list that the license revocation will affect 154 microfinance banks, six private money banks as well as 22 finance companies. See the link to […]